The Life Insurance Corporation of India (LIC) has introduced a novel alternative for its policyholders who want to revive their lapsed insurance policies. The insurer on Friday introduced a particular particular revival marketing campaign for its prospects to revive particular person lapsed LIC insurance policies. The marketing campaign will start on August 17 and might be accessible until October 21, 2022. The marketing campaign is a novel drive because it extends to all non-ULIP Policies with a really enticing concession in late charges.
The marketing campaign is launched to assist these policyholders who weren’t in a position to pay premiums on account of unavoidable circumstances and their coverage lapsed.
“Life Insurance cover is a risk management, for contingent, unexpected loss of life. This campaign gives a rare opportunity for LIC’s valued policy holders to revive their lapsed policies and continue the benefit of insurance to protect the financial interests of their family,” LIC mentioned in its assertion.
Under the marketing campaign, apart from ULIP insurance policies, all insurance policies might be revived inside 5 years from the date of the First Unpaid Premium topic to coverage circumstances.
As per the regulatory submitting, a complete receivable premium of as much as ₹1 lakh may have a 25% late charge concession with a most concession allowed to the tune of ₹2,500. Further, for receivable premiums between ₹1,00,001 to ₹3 lakh, the late charge concession is identical as 25% however with a most concession of ₹3,000.
For complete receivable premium between ₹3,00,001 and above, the late charge concession is as much as 30% with a most concession allowed as much as ₹3,500.
“There is a 100% waiver of late fee for Micro Insurance Policies to facilitate affordable restoration of risk cover,” the assertion mentioned. Also, there aren’t any concessions in medical necessities.
According to LIC, insurance policies apart from ULIP plans that are in lapsed situation through the premium paying time period and never accomplished coverage time period as on the date of revival are eligible to be revived on this marketing campaign.
On Friday, LIC introduced its monetary efficiency for the quarter ending June 30, 2022 (Q1FY23).
In Q1FY23, LIC bought 36.81 lakh insurance policies within the particular person section registering an increase of 59.56% in comparison with 23.07 lakh insurance policies bought in Q1FY22.
During the primary quarter of FY23, LIC registered a breath-taking 23,127.21% rise in standalone web revenue to ₹682.89 crore for the quarter ending June 30, 2022 (Q1FY23) in comparison with a revenue of ₹2.94 crore in the identical quarter final 12 months. Further, its complete premium earnings climbed 20.35% to ₹98,351.76 crore in Q1FY23 in comparison with ₹81,721.41 crore throughout Q1 of final fiscal.
On year-on-year, LIC’s total enterprise witnessed a powerful momentum with advertising and marketing exercise selecting up tempo.
Catch all of the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint.
Download The Mint News App to get Daily Market Updates.
More
Less
Subscribe to Mint Newsletters
* Enter a sound e-mail
* Thank you for subscribing to our publication.
First article
